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dealings , aware of market trends and are familiar with the laws governing property transactions . Should there be any concerns or issues , members of the public who use the services of a REA or REN can at least feel safe and protected in that every registered firm is required to have a client ’ s account and purchase Professional Indemnity Insurance to cover themselves against any negligence with monies received or held by them .
Act 242 or Valuers , Appraisers , and Estate Agents Act 1981 also states that illegal brokers who engage in property transactions can if convicted , be fined not exceeding RM300,000 , or imprisonment for a term , not more than 3 years , or both . A further penalty of RM1,000 for each day during the continuance of such offence shall also be imposed . This provision also applies to any person who aids and abets in the commission of the offence .
While there may be a small number of delinquents in the profession , a significant majority of Agents and negotiators adhere to a high standard of practice . Any misdoings by a Real Estate Agent or certified Negotiators can be addressed to the Real Estate Firm that employs them or to Board of Valuers , Appraisers , Estate Agents and Property Managers to remedy the situation .
To safeguard the interest of the public , MIEA launched a public awareness campaign called # MYREALAGENTS in the beginning of the year and it is aimed at being a free resource to share advice and information on how to best use the services of an REA or REN , the common types of property pitfalls and the dangers of using illegal brokers .
MIEA would also like to take this opportunity to remind Malaysians to be especially wary if a property deal sounds too good to be true . The public can verify their property agent by checking the BOVAEP website ( www . lppeh . gov . my ), call BOVAEP directly at 03-2288 8815 or send an email to info @ lppeh . gov . my .
PROPERTY360DIGEST E-MAGAZINE ISSUE # 6